Euro Summit gives Greece last chance

"EuroSummit has unanimously reached agreement. All ready to go for ESM [European Stability Mechanism] program for Greece with serious reforms & financial support," Tusk, who presided over the talks with European leaders, tweeted, referring to the ESM bailout fund, according to Reuters.

The summit started after 16:00 local time on Sunday and ended at 09:00 on Monday, according to Tusk.

"There are strict conditions to be met. The approval of several national parliaments, including the Greek parliament, is now needed for negotiations on an ESM program to formally begin," Tusk said after the Euro Summit.

"Nevertheless, the decision gives Greece a chance to get back on track with the support of European partners. It also avoids the social, economic and political consequences that a negative outcome would have brought. I welcome the progress and the constructive position of Greece that helps to bring back trust among euro zone partners," he added.

President of the European Commission Jean-Claude Juncker in turn said at the final press conference after the summit: "There will not be a "Grexit". <…> I am satisfied both with form and substance of the agreement". He then highlighted the agreement found on the EUR 35 billion support package to stimulate growth and jobs in Greece – something the Commission has always insisted on.

According to Greekreporter, the past two days the Greek delegation faced resistance on its proposals, particularly from Germany.

After Sunday's Eurogroup meeting, which took place a short while before the Eurozone Summit, Eurogroup President and Dutch Finance Minister Jeroen Dijsselbloem submitted a list of 12 reforms that the Greek parliament would have to officially adopt by Wednesday so that negotiations for an ESM bailout package could continue.

This program will be subject to strict conditions and accompanied by a growth and employment package in the order of EUR 35 billion.